According to reports, the popular music streaming service Spotify is looking at the possibility of including Non-Fungible Token galleries on the profiles of performers. As a result of the successful tests, the fan and artist-based experiences would be enhanced by Non-Fungible Token.
On Friday, news spread that the platform is doing a test with a small group of people who use its Android app in the United States. Interested fans can check out the NFT previews on each artist’s profile. As of right now, there are just a few such musicians, like The Wombats (a rock band) and Steve Aoki (the producer and DJ).
Consumers cannot buy the item directly, but they will be able to tap and be redirected to the OpenSea (an NFT venue) page where they can buy it after reading about it and getting a more detailed preview. As noted in the study, Spotify does not support GIF or video formats, resulting in a static image devoid of sound.
MORE ARTICLES Grayscale and HanETF launch European crypto ETFs
The venue’s spokeswoman told journalists that the tests are being conducted to better serve both performers and fans. The remainder are only there to learn a lot, because some of them will go on to gain more experience. The study on NFTs was mentioned by a few Spotify customers, who stated that they had been alerted by the streaming service.
Spotify, according to Music Ally, will not be taking any percentage of the proceeds from the sold NFTs during the trial phase. When COVID-19 causes a snag on an international tour, musicians from all over the world are eager to dig into the non-fungible token market. This might be a big source of cash for the artists involved.
As recently as last year, Linkin Park’s Mike Shinoda became the first major-label artist to release an NFT song. Aside from that, Kings of Leon holds the distinction of being the first band to release a full album in NFT format. According to an unscientific estimate, Steve Aoki made over $3 million by minting just two NFTs from a collection of 11.